9911796707
TMI Blog2017 (5) TMI 199X X X X Extracts X X X X X X X X Extracts X X X X ..... ent u/s.147/148 of the Act. See Signature Hotels P. Ltd. vs. Income Tax Officer [2011 (7) TMI 361 - Delhi High Court] - Decided in favour of assessee - ITAs No.1955/Del/2014 - - - Dated:- 26-4-2017 - SHRI B.P. JAIN, ACCOUNTANT MEMBER For The Revenue : Ms. Bedobani Chaudhuri, Sr.D.R. For The Assessee : Shri Puneet Thukral, CA ORDER This appeal of the assessee arises from the order of learned CIT(A)- XIX, New Delhi vide order dated 22.01.2013 for the assessment year 2003- 04. The assessee has raised the following grounds of appeal as under: 1) That on the facts and in circumstances of the case the impugned order passed by the ld. C.LT. (A) is arbitrary, illegal, violative of natural justice and against the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structions Pvt. Ltd. Rs.1,50,000/- b) Cijsons Polycoats Pvt. ltd. Rs.1,50,000/- c) PIC India Pvt. Ltd. Rs.1,00,000/- d) Cash deposit Rs.1,000/- Total Rs.4,01,000/- 4. The assessee field the return of income which was processed u/s.143(3) which were reopened u/s.147 and the notice were issued u/s.148 of the Act on 30.03.2010. The reasons asked for by the assessee were submitted, reproduced hereinbelow. 1. The Directorate of Income Tax (Investigation), New De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciaries) and wanted to introduce the same in the books of accounts without paying tax, approached another person (called as entry operator) and handed over the cash (plus commission) and had taken cheque/DDs/Pos. The cash was being deposited by the entry operator in a bank account either in his own name or in the name of relatives/friends or other persons hired by him, for the purpose of opening bank account. In most of these bank accounts, the introducer was the main entry operator and the cash deposit slips and other instruments were filled by him. The other persons (in whose name the A/c is opened) only used to sign the blank cheque book and hand over the same to the main entry operator. The entry operator then used to issue cheques/DDs/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or sale- purchase. It has also dealt a body blow to the creditworthiness of the persons /persons controlling the concerns who have given these credit entries/Share capital/gifts/sale consideration as they have been seen to be man of no means. 4. ln the instant case of the assessee, M/s Baldev Arya (HUF) the following credits have been shown in the bank account :- 4.1 In view of the findings of the investigation report, the lenders in these cases have been proved to be men/parties of no creditworthiness. The statement the letters of admission clearly show that these transactions are non genuine. Therefore the aforesaid Credit entries are squarely hit by section 68 of the I.T. Act. I therefore have reasons to believe that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... risdiction to make assessment / re-assessment u/s.147/148 of the Act. The reliance is placed upon the decision of Hon ble Delhi High Court in the case of Signature Hotels P. Ltd. vs. Income Tax Officer and Another, reported in (2011) 338 ITR 51 (Delhi) where the relevant decision is reproduced hereinunder: Held, allowing the petition, that the reassessment proceedings were initiated on the basis of information received from the Director of Income Tax (Investigation) that the petitioner had introduced money amounting to ₹ 5 lakhs during financial year 2002-03 as stated in the annexure. According to the information, the amount received from a company, S, was nothing but an accommodation entry and the assessee was the beneficiary. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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